Indians spend more money on weddings than on education: Report

The spending on 18 years of education is Rs 6.67 lakh, according to a report by Jefferies

By  Storyboard18Jul 9, 2024 8:22 AM
Indians spend more money on weddings than on education: Report
Indians spend an average of Rs 12.52 lakh on their wedding (Photo: Unsplash)

Indians shell out more money on their wedding than on education, a report has found. The Indian wedding industry derives immense economic activity and is valued at US $130 billion. According to a report by Jefferies, Indians spend an average of Rs 12.52 lakh on their wedding, which is twice the expenditure on education (pre-primary to graduation). The report stated that the Indian wedding market is nearly double the size of the US but still smaller than that of China.

According to Jefferies, the current average expenditure per wedding of Rs 12.10 lakh is five times India's GDP per capita of $2.9k and greater than 3x the average annual household income of $4.5k.

The average expenditure for a luxury wedding in India is in the range between Rs 2 crore- Rs 3 crore.

Interestingly, the spending on 18 years of education is Rs 6.67 lakh. In the US, the wedding spend/education spend ratio in the US is only 0.5x for public education and 0.1x for private education.

Further, the report mentioned that India is the largest wedding destination globally, with 8-10 million weddings taking place each year. Around 40% of the country's population is in the "marriageable age" of 20-39 years, and around 280 million people are unmarried.

Overall, the wedding industry in India not only sustains various sectors directly but also indirectly fuels demand in segments like automobile, consumer electronics, and paints.

First Published on Jul 9, 2024 8:22 AM

More from Storyboard18

Digital

No relief for Ranveer Allahbadia as Supreme Court refuses to return his passport, extends protection from arrest

No relief for Ranveer Allahbadia as Supreme Court refuses to return his passport, extends protection from arrest

Brand Marketing

Google to pay $100 million to settle 14-year-old ad lawsuit

Google to pay $100 million to settle 14-year-old ad lawsuit

Digital

OpenAI seeks $40 Billion in new funding to drive AI expansion

OpenAI seeks $40 Billion in new funding to drive AI expansion

Special Coverage

WPP drops DEI language amid U.S. scrutiny, while Ogilvy global CEO champions representation and purpose

WPP drops DEI language amid U.S. scrutiny, while Ogilvy global CEO champions representation and purpose

Special Coverage

Krafton's Srinjoy Das at GPS 2025: Future of gaming marketing is symbiotic, social, and surprise-driven

Krafton's Srinjoy Das at GPS 2025: Future of gaming marketing is symbiotic, social, and surprise-driven

Special Coverage

AI as a Business Imperative: Industry leaders weigh its transformative impact

AI as a Business Imperative: Industry leaders weigh its transformative impact

Brand Marketing

Cricket, commerce, connectivity: Top marketers on how brands can win big in IPL

Cricket, commerce, connectivity: Top marketers on how brands can win big in IPL

Special Coverage

WPP's Daniel Hulme: 'You won’t beat your competitors without differentiated AI talent'

WPP's Daniel Hulme: 'You won’t beat your competitors without differentiated AI talent'